Ninestar Corporation(002180) (002180)
The layout of the whole industrial chain of domestic printer leaders, and the growth of independent brands can be expected. Founded in 2000, the company has realized the whole industrial chain layout of "printer + consumables" through independent R & D and M & A. In the field of printers, "bentu + Lexmark" dual brands cooperate to build a full range of product lines covering high, medium and low-end printing products. The acquired brand Lexmark mainly covers the European and American markets and radiates all over the world. Its business development will be stable and good in 2021; The independent brand Bento electronics mainly covers the markets of developing countries and radiates all over the world, and has achieved rapid growth in recent years. According to CCID Consulting data, the global printer market and consumables market scale in 2020 was US $42.12 billion and US $51.8 billion. The sales volume of Bento printers increased from 445000 to 1773000 from 2017 to 2020, realizing rapid growth. However, the sales accounted for only 0.4% of the global laser printer market in 2020, with large growth space and high ceiling. Benefiting from such comprehensive factors as the high prospect of China's information innovation market and overseas demand, the improvement of China's household application penetration, the improvement of product level, localization substitution and the advantages of independent brands, Bento printer's growth is worth looking forward to. In addition, the printing consumables industry adopts the razor mode, that is, printer manufacturers improve their market holdings by selling low gross profit printing equipment, drive the continuous sales of supporting high gross profit consumables, and then realize long-term stable profits. Ninestar Corporation(002180) relying on the original businesses of gezhige and Xinge, it has acquired Zhongrun Jingjie, tuojia, Xinwei and other consumables companies, forming an industry-leading pattern of "original + compatible" consumables. The increase of market share of "Bento + Lexmark" printer will synchronously drive the growth of consumables business.
IC design capability is accumulated and spillover effect appears. The company has cut into the field of IC design from consumable chips, has been engaged in chip design for nearly 20 years, and won large fund investment twice in 2015 and 2020. At present, the company's main chip products and solutions have covered printer main control SOC, Bluetooth chip, security chip platform and general MCU. From the development process, printers and consumables business are the carrier of incubating chip design capability; The main control SOC of printer is homologous with the gene of general MCU, and the spillover effect of chip business expanding from printer to multiple fields appears. From the perspective of growth logic, the company's general consumables chip has become the world leader and will continue to take the lead in the future. It will still be the ballast of the chip sector in the short term; The printer master SOC chip, on the one hand, supports the controllable core autonomy of the printer, on the other hand, provides talents and technology for expanding non printer chip business; GM MCU has broad market prospects. According to Morgan Stanley research, the market scale of 32-bit MCU in 2020 is about US $10.4 billion and the CAGR in 5 years is about 11%. The company's products are the best track of 32-bit MCU, and actively layout applications in automotive electronics, industrial electronics, medical devices, high-end consumer electronics and other fields. It has been used in Changhong, Haier, Xiaomi, Huichuan, Great Wall Motor Company Limited(601633) Buick automobile and other well-known customers realize batch supply, benefit from the high prospect of MCU market, the demand for localization substitution and the improvement of the competitiveness of the company's products, and the 32-bit general MCU business is expected to become a new growth pole.
Investment suggestion: considering the full-scale consolidation of bentu electronics in the whole year, we expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 1.491/2.25/2.86 billion respectively, EPS to be RMB 1.19/1.61/2.28 respectively, corresponding to PE to be 36 times, 27 times and 19 times respectively, maintaining the "Buy-A" investment rating. The six-month target price is 49 yuan.
Risk warning: the risk that the market development is not as expected; Risk that R & D progress is less than expected.
